Nigeria has ended a decade-long stagnation in its oil sector, with new investments flowing into the industry under President Bola Ahmed Tinubu’s administration. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the country had not attracted any major oil investments for over ten years prior to the current reforms.

The minister attributed the turnaround to the successful implementation of the Petroleum Industry Act (PIA), describing it as an investor-friendly framework that provides clarity, security, and confidence for both local and international investors. Lokpobiri highlighted that several previously inactive oil blocks are now available for investment, offering renewed opportunities for growth in the sector.

He also reassured the global community of Nigeria’s commitment to a balanced energy transition. While fossil fuels will remain central to the country’s energy mix, Nigeria is fully aligned with the Paris Agreement and is pursuing cleaner, more sustainable exploration practices.

Recent reforms, including the removal of fuel subsidies, deregulation of the downstream sector, and an increased focus on gas monetization, have further strengthened investor confidence. The federal government aims to attract $30 billion in oil and gas investments by 2027 and at least $60 billion by 2030, signaling a robust recovery and renewed global interest in Nigeria’s energy sector.